Glasgow-based foodtech startup ENOUGH (formerly 3F Bio) is a pioneer in high-scale sustainable protein production. Now, the company announced that it bagged €42 million (nearly £36 million) in Series B funding.
Eyes to supercharge expansion
The investment round was led by Nutreco, a global leader in animal nutrition and aqua feed and Olympic Investments Inc. Also, new investors including AXA IM Alts through the AXA Impact Fund – Climate & Biodiversity, HAL Investments and Tailored Solutions and existing investors CPT Capital and Scottish Enterprise participated in the funding round. CPT Capital remains the largest shareholder in ENOUGH. The funds will be used to accelerate expansion and bring the firm’s mycoprotein ingredient to the reach into the market.
Jim Laird, CEO of ENOUGH said “The market for delicious, nutritious vegan products is growing at a pace that requires a step-change in the supply of sustainable ingredients. We are privileged by support from investors who share our focus on making sustainable protein.”
Nutreco CEO, Rob Koremans said “ENOUGH is an exciting business with real potential to transform protein production. This partnership perfectly supports our ambitions to accelerate the contribution we can make to the challenge of feeding a growing global population. If we are serious about meeting this objective in a sustainable way, we will need to produce protein from a variety of sources such as fermentation, which is very much a shared goal.”
Jonathan Dean, Head of Impact Investing at AXA IM Alts added: “We are excited to support ENOUGH in its mission to provide a scalable alternative to animal protein, which in turn contributes to the transition towards a more sustainable, climate-aligned food system. Our partnership with ENOUGH demonstrates our continued support for innovative investment solutions that are aligned with our overarching aim to invest in solutions that combat climate change and preserve biodiversity.”
CPT Capital that led the Series A funding round said “ENOUGH excites because of their B2B focus and their ability to create impact and scale within a short timescale. ENOUGH will provide a sustainable alternative to the problem of factory farming / intensive animal agriculture.”
Dr Olga Kozlova, Director of Innovation and Industry Engagement from the University of Strathclyde, which was an early-stage investor into the company, said: “ENOUGH is a fantastic example of an innovative company which is also focused on sustainability and exemplifies our mission at Strathclyde to create original solutions for real world problems. “We are looking forward to the company entering this new next stage of its exciting journey.”
Most sustainable source of protein!
ENOUGH was founded by Jim Laird, David Ritchie, and Craig Johnston as 3F Bio in 2015.
It produces ABUNDA mycoprotein by fermenting fungi using renewable feedstocks to make the most sustainable source of food protein. The company meets the future of food protein needs using fermentation and is widely recognised as the most effective solution to feed a growing planet.
ENOUGH is building a first-of-its-kind protein factory, which will initially produce 10,000 tonnes per annum and which targets producing over a million tonnes by 2032. As a sustainable food ingredient company, ENOUGH looks forward to participating at COP26 in November 2021, where it will highlight the merits of a high-scale impactful solution as part of the accepted need for sustainable food.